Just to let everyone know. The only person who had any injury in the accident was myself. My friend was fine and so was the other driver. For 10 years (until 2019) every year on the day of the accident, I wrote an email to apologize for my mistake and all the unnecessary inconvenience it caused them. Although they had moved on, I carried the guilt. They both are doing well now thankfully.
Dear DAP...you are not alone. I have been making big blunders most of my life. Book smart only... is a recipe for abject failure unless you also have 'cunning maneuverability' of the street smart. (I earned an M.Tech in Mech Engg from DCE and a PhD from Syracuse but the 'real education' honing was polished painfully after suffering too many setbacks. The real PhD in 'Turram-khan-baazi' was earned after a big chunk of my life was wasted making a bunch of bad decisions outside of academia and the hard lessons learned thereof.
I salute your basic decency, humility and humanity, qualities that are in such short supply these days. Only advice I have for you is that you should forgive yourself and move on. You have learned your lesson and made amends in earnest. No need to carry the burden of guilt anymore!
I have been following your videos for over 2 years now. Definitely shaped my life and had an impact on me. This video has a special place in my heart. I look up to you as a role model and admire your success. When I recollect that you went through setbacks and made bad decisions too, helps me reassure myself, that my bad decision can be reversed and I can work my way through it. Really appreciate you making this video. It is hard to admit your short comings on the public domain. Respect your effort.
Thanks you so much for the info , I new to usa and I bought a camry too yesterday and I was abt to take basic insurance just to change title as everyone recommended me, but after seeing ur video it completely makes sense that we should not see for extra 50$ increase and rather should go for a safety method.
Thanks for the advise in changing the car. I always have temptation to change my 2011 Subaru outback with 2015 Lexus RX 350. As you said may be car change will give happiness for a month but it will not be a life differentiator 😂
Another aspect of insurance many people ignore is medical insurance and the need for having good coverage. As a student/visitor it's common to scrimp on coverage to save on premium but policy exclusions, max payouts, out of network services quickly add up and might drag one into medical debt and bankruptcy. Suggest you touch upon this aspect as well as in the future.
financial decisions are almost always unpredictable. you can never decide how things will turn up. The car and the home happens to be the biggest purchases of life in the USA. you can choose to buy new or old, but the value is only retained so long as you keep it and the insurance covers all. a stitch in time saves nine. when I first came to the US in 2001, I had an interesting realization. quote "you need money to make money, you need money to lose money and you need money to donate money". it is a full circle.
God bless you Sir, felt really bad that you had to go through an accident and completely recover in 4 to 5 long years.Glad that you made it through tough times and talk about it :) Please be well :)
I really like your video. Most importantly realization of our own mistakes is very nice thing, very few people realize their own mistake, We always learn by own experience and thanks for sharing this life is not always filled with good journeys sometimes we have bad ones and we should learn to accept it and move on.
1. omg the accident, I did the exact same mistake. It not only increased my insurance prices , led to high hospital bills. I had bruised chest wall and was in pain for the next 4 months. It led to added stress of buying a new car. 2. I bought Hyundai thinking the parts are cheap and easily available. I also bought the car with zero percent down payment but i took expensive financing from the dealership. I stayed on their loan plan for one month, the car's original price was 18,500 but when I moved the loan to a cheaper loan program I ended up losing an additional 19700 USD. I purchased a new car as I m not an expert in cars and was not sure if I could determine if an old car is actually well functional or not. We need to understand in an old car is good and functional, people rip-offs as well. So, it is advisable to buy an old car from agencies such as car max as it saves a lot of money. 3. Buying houses also depends on the city you are located in. In Dallas, Frisco houses are very epensive. Buying a full house not only means expensive down payments but property taxes and maintenance taxes. So, think clearly about where you are purchasing poperty. How much are you willing to invest in housing. Also, it is always better to buy house when you have substantial amount for a down payment. It helps in reducing your overall interest rate. Your overall credit rates, property rates, on-going home loan rates etc are important to understand. So, not every time, buying a house will be a good idea. It also depends on your family size
Sir, since this month I m following your video, they are really awesome , specially your way of presentation and talking , really impressed by your videos.
Never buy a new car... they depreciate 20 percent as soon as U drive outside the lot. Never buy a certified as well cus they don’t really do anything on it... u can get ur own mechanic to check the car before paying Best car range 3-5 years where nothing really happens to car in us.
****IMP****: Sir, Need information about masters and Ph.D. in Electrical/Electronics from the USA. There is very little information available to know what's happening in the electrical field. This will help me/a lot of others to make a decision.
I love your content. No BS, always on point. If anybody lives here in the USA, they'll know everything you talk about in this channel are legit. Wish you good luck with your CZcams channel and if you ever visit Atlanta again, I would love to meet you.
Heyy, I have been following ur videos for quite sometime now. Software field though looks very fulfilling as a career, but there is still a taboo question attached to it. Does the career reach a dead end once you cross 40-45 yrs of age? This thread is very popular on quora also. So, whether it would be possible for u to address the concerns involved with it, ur thoughts and how to transition effectively after u cross a certain age in ur video 😄
Hello Chaitanya, One request if you can make videos for the experiences after retirement....like is it possible to stay in US specially for those who come after their 40s with two kids who is ready to go college after 5 years and second one will be going after 10y.After going through such challenges can one survive after retirement in such an expensive country. Appreciate your help.
I have relatives in USA with citizenship. It is the other way around, better to quit USA and return to India with savings for retirement, they say. Can't afford healthcare without a job or medical insurance.
We purchased one new car and realized it is not a bargain. Ever since we only buy used cars with low miles. Less money spent and less insurance. You live you learn. 😀😄
Misinformation about BMWs parts cost the same as Honda difference is in labor charge. 1 year VW 4 year Audi owner here not anything else needed than oil change and usual brake flush.
Could you clarify why you've repeatedly said in your videos that buying a house in the US while on a visa is not advisable, yet you feel you should have bought a house instead of renting (I'm assuming while you were on a visa yourself...?)? Are there financially smart ways, in your opinion, of investing in residential real estate in the US while on a visa, (for eg, making sure to have a good emergency fund, save enough for a downpayment + closing costs, etc)? Thanks.
In my case, the home I was renting was dirt cheap. It was an apartment and not a home. So in that case, I could have bought it because I ended up paying half the price of the apartment in rent in those 4 years. Taking big loans in the US on a temporary visa is dangerous because if you must leave the country, you better be able to sell the home for the same price or higher at which you bought. In case you are not able to sell it, and you do not continue paying the monthly mortgage, the house will be possessed by the lender and your credit score will be badly ruined. If you happen to come back to the US at a later stage, you won't even get an apartment to rent because of the credit score.
@@DesiAmericanProfessor Thank you for the reply. Why can't property management companies be hired to rent out your home for a temporary time period of a few months until you are able/willing to sell the house? Is that realistic?
Totally disagree. I bought 3 homes while on visa over last 12 years and renting out two of them now . Investing in house with sub 3% apr mortgage is the greatest wealth builder in US . All my homes appreciated 2 or 3 times in last 12 years. And the rent I get from the first home I bought back in 2010 is almost double the mortgage I paid back then . Most of my friends in h1b were afraid to buy homes while on visa and they regret it badly now.
yes, can't do without it now. Especially when working on papers. Let's say I get feedback on my paper and I am revising it. On one screen I have the next version of the paper that I am working on and on the other screen I see the paper in which I got the feedback and corrections
@@DesiAmericanProfessor Good to know prof, I will also try this mode of writing. However the same pain point was always there with me.., while working on papers, but could not figure out the ways to ease the review response process. I just saw your talk on "Cobra Effect" and than realized, Why my Insta_msg and email could not got response, nyway had asked the same question there. Wish you all the best for ABDC - A* and ABS 4 always.
I played the 3rd one and won Big 😉 own 3 homes now and all them appreciated 2 or 3 times. With apr of 2.5% it’s basically free money and the greatest wealth builder in US. Do not be afraid and miss out on that .
None of these are blunders, except maybe the driving mistake. You never had the financial resources to make the alternate choices. All the money you paid more is in interest because you did not have money to buy the things you needed. If you didn’t have money to buy a $30,000 car where would you gotten money to buy a $90,000 house? And if you took a mortgage, would you have counted those interest payments as “blunders” too. None of these are blunders, maybe unwise at most. Blunders are when people buy half a million dollar house just to keep up with the others.
1. I already had an old car. I could have waited a few months to buy a new car. Instead, I took a loan when I had no money to make down payment. That is why it was a mistake. 2. I could have bought the 90k home even after one year of renting. I would have paid much less for mortgage than what I was paying for rent. That is why it was a mistake too
yes, you are right. I did so because I had already made a video on financial mistakes. That was about mistakes that people make. In this video, I wanted to mention the mistakes that I had personally made. Using the same word "mistake" could have been confusing. So I used a different word to differentiate the two videos.
Hi Sir !! Thank you for making these videos to helps us better understand the reality of life in US/MS and PhD. I had a query, hope you would respond. :) would the stipend provided by the US university be sufficient for a couple to survive if one of them is aspiring to do a Ph.D. in Management.
@@DesiAmericanProfessor Thanks much sir for ur response, if possible please make a video on how a Ph.D. stipend works and how much do they give, share some info related to insurance, accommodation, etc.
Your accident cause is very common in the US for a new driver. This left turn yield is highly dangerous, even wonder why they have it 🤔 just for sake of saving time you are putting people life in danger. More than that we have to be very careful since there are pedestrians crossing similar to this.. oh man why they have such crossings, when there is a green for vehicles same time pedestrians walk. 😱
Very true 😇 my first accident was also the same . If you are a new drivers , you just don’t anticipate the incoming traffic while taking turn on yield .
The $30,000 you count as spent on the car is not entirely a loss. As if you had gotten an used car you would still have to take a loan for $20K. So maybe you would have saved $5000 in interest payments other than the difference in price. So in total, $15k. But you also have to consider the opportunity cost of the money if you bought the car cash down. But that question doesn’t arise as you didn’t have the $20k to buy the car without a loan.
Even, if you are into cars, don't buy if your income doesn't justify it. Car shouldn't exceed 25% pf.yoir net worth.. period.. I'm into cars, my God tesla looks yummy... but my current situation doesn't justify a tesla or BMW. I can get it, but i .should not . Fact.. emotions don't matter..
It was your fault. So own it up. You must be fortunate that you didn't end up with much more liability. Old Jalopies don't really need more than liability insurance. As long as they are not small, they are fine.
Just to let everyone know. The only person who had any injury in the accident was myself. My friend was fine and so was the other driver. For 10 years (until 2019) every year on the day of the accident, I wrote an email to apologize for my mistake and all the unnecessary inconvenience it caused them. Although they had moved on, I carried the guilt. They both are doing well now thankfully.
Dear DAP...you are not alone. I have been making big blunders most of my life. Book smart only... is a recipe for abject failure unless you also have 'cunning maneuverability' of the street smart. (I earned an M.Tech in Mech Engg from DCE and a PhD from Syracuse but the 'real education' honing was polished painfully after suffering too many setbacks. The real PhD in 'Turram-khan-baazi' was earned after a big chunk of my life was wasted making a bunch of bad decisions outside of academia and the hard lessons learned thereof.
I salute your basic decency, humility and humanity, qualities that are in such short supply these days. Only advice I have for you is that you should forgive yourself and move on. You have learned your lesson and made amends in earnest. No need to carry the burden of guilt anymore!
I have been following your videos for over 2 years now. Definitely shaped my life and had an impact on me. This video has a special place in my heart. I look up to you as a role model and admire your success. When I recollect that you went through setbacks and made bad decisions too, helps me reassure myself, that my bad decision can be reversed and I can work my way through it. Really appreciate you making this video. It is hard to admit your short comings on the public domain. Respect your effort.
Thanks you so much for the info , I new to usa and I bought a camry too yesterday and I was abt to take basic insurance just to change title as everyone recommended me, but after seeing ur video it completely makes sense that we should not see for extra 50$ increase and rather should go for a safety method.
Thanks for the advise in changing the car. I always have temptation to change my 2011 Subaru outback with 2015 Lexus RX 350. As you said may be car change will give happiness for a month but it will not be a life differentiator 😂
Another aspect of insurance many people ignore is medical insurance and the need for having good coverage. As a student/visitor it's common to scrimp on coverage to save on premium but policy exclusions, max payouts, out of network services quickly add up and might drag one into medical debt and bankruptcy. Suggest you touch upon this aspect as well as in the future.
excellent point made
financial decisions are almost always unpredictable. you can never decide how things will turn up. The car and the home happens to be the biggest purchases of life in the USA. you can choose to buy new or old, but the value is only retained so long as you keep it and the insurance covers all. a stitch in time saves nine. when I first came to the US in 2001, I had an interesting realization. quote "you need money to make money, you need money to lose money and you need money to donate money". it is a full circle.
God bless you Sir, felt really bad that you had to go through an accident and completely recover in 4 to 5 long years.Glad that you made it through tough times and talk about it :) Please be well :)
I really like your video.
Most importantly realization of our own mistakes is very nice thing, very few people realize their own mistake, We always learn by own experience and thanks for sharing this life is not always filled with good journeys sometimes we have bad ones and we should learn to accept it and move on.
Hey ! No offence but I believe you could be a good economist. You shared really cool basic and important stuffs. Thanks
1. omg the accident, I did the exact same mistake. It not only increased my insurance prices , led to high hospital bills. I had bruised chest wall and was in pain for the next 4 months. It led to added stress of buying a new car. 2. I bought Hyundai thinking the parts are cheap and easily available. I also bought the car with zero percent down payment but i took expensive financing from the dealership. I stayed on their loan plan for one month, the car's original price was 18,500 but when I moved the loan to a cheaper loan program I ended up losing an additional 19700 USD. I purchased a new car as I m not an expert in cars and was not sure if I could determine if an old car is actually well functional or not. We need to understand in an old car is good and functional, people rip-offs as well. So, it is advisable to buy an old car from agencies such as car max as it saves a lot of money. 3. Buying houses also depends on the city you are located in. In Dallas, Frisco houses are very epensive. Buying a full house not only means expensive down payments but property taxes and maintenance taxes. So, think clearly about where you are purchasing poperty. How much are you willing to invest in housing. Also, it is always better to buy house when you have substantial amount for a down payment. It helps in reducing your overall interest rate. Your overall credit rates, property rates, on-going home loan rates etc are important to understand. So, not every time, buying a house will be a good idea. It also depends on your family size
Absolutely fantastic video as always... Great suggestions👍🏻.... Thank you for making this video for all of us... highly appreciate it. Good day sir.
Binge watching your videos, you're vlogs are amazing Dr.Chaitanya
So nice of you
Thanks Brother for sharing your experience.
other people can learn too much from your mistakes.
thanks again.
Continue sharing your experiences ! Appreciate the video content
Yo yo professor, thank you
Keep your contributions generating continuously
Sir, since this month I m following your video, they are really awesome , specially your way of presentation and talking , really impressed by your videos.
Thanks U sir For Your Efforts to help us
Good piece of advise.
you sound just like me 😀 I am still making mistakes 🙁 Guess I am just a slow learner!! God bless you!
Never buy a new car... they depreciate 20 percent as soon as U drive outside the lot. Never buy a certified as well cus they don’t really do anything on it... u can get ur own mechanic to check the car before paying Best car range 3-5 years where nothing really happens to car in us.
There is so much information in your videos 👍🏻
Very Informative video, thank you professor.
I always ended up learning so much from your videos even if I am not planning to live outside India anytime soon.
I am here for valuable advice that is surprisingly free.
I am not in USA but still watch your videos 😂
Plz make video on your First Week Experience As a International Students.
****IMP****: Sir, Need information about masters and Ph.D. in Electrical/Electronics from the USA. There is very little information available to know what's happening in the electrical field. This will help me/a lot of others to make a decision.
Viraj Adam which university?
I love your content. No BS, always on point. If anybody lives here in the USA, they'll know everything you talk about in this channel are legit. Wish you good luck with your CZcams channel and if you ever visit Atlanta again, I would love to meet you.
I appreciate that!
Heyy, I have been following ur videos for quite sometime now.
Software field though looks very fulfilling as a career, but there is still a taboo question attached to it. Does the career reach a dead end once you cross 40-45 yrs of age?
This thread is very popular on quora also.
So, whether it would be possible for u to address the concerns involved with it, ur thoughts and how to transition effectively after u cross a certain age in ur video 😄
Nice video Sir. Quite Informative. Aapka video dekhkar achcha laga.
Hello Chaitanya,
One request if you can make videos for the experiences after retirement....like is it possible to stay in US specially for those who come after their 40s with two kids who is ready to go college after 5 years and second one will be going after 10y.After going through such challenges can one survive after retirement in such an expensive country. Appreciate your help.
I have relatives in USA with citizenship. It is the other way around, better to quit USA and return to India with savings for retirement, they say. Can't afford healthcare without a job or medical insurance.
thanks for sharing this information
I bought 2015 Honda CrV EX
FRIOM: David McDavid Plano TX
Sir, please tell us something about PHD and your THESIS....
We purchased one new car and realized it is not a bargain. Ever since we only buy used cars with low miles. Less money spent and less insurance. You live you learn. 😀😄
Did anyone notice that it was Friday the 13th on the day of accident???!!
Sir, what about people living on H1 B visa? Should we buy a home in lets say decent state like Ohio with property prices? (If the needs be?)
Sir u inspired a lot
Thanks for sharing
Very informative
Misinformation about BMWs parts cost the same as Honda difference is in labor charge. 1 year VW 4 year Audi owner here not anything else needed than oil change and usual brake flush.
sir when you filed your tax return ,how much you pay for this?like 1040 form individual?
Could you clarify why you've repeatedly said in your videos that buying a house in the US while on a visa is not advisable, yet you feel you should have bought a house instead of renting (I'm assuming while you were on a visa yourself...?)? Are there financially smart ways, in your opinion, of investing in residential real estate in the US while on a visa, (for eg, making sure to have a good emergency fund, save enough for a downpayment + closing costs, etc)? Thanks.
In my case, the home I was renting was dirt cheap. It was an apartment and not a home. So in that case, I could have bought it because I ended up paying half the price of the apartment in rent in those 4 years.
Taking big loans in the US on a temporary visa is dangerous because if you must leave the country, you better be able to sell the home for the same price or higher at which you bought. In case you are not able to sell it, and you do not continue paying the monthly mortgage, the house will be possessed by the lender and your credit score will be badly ruined. If you happen to come back to the US at a later stage, you won't even get an apartment to rent because of the credit score.
@@DesiAmericanProfessor Thank you for the reply. Why can't property management companies be hired to rent out your home for a temporary time period of a few months until you are able/willing to sell the house? Is that realistic?
Totally disagree. I bought 3 homes while on visa over last 12 years and renting out two of them now . Investing in house with sub 3% apr mortgage is the greatest wealth builder in US . All my homes appreciated 2 or 3 times in last 12 years. And the rent I get from the first home I bought back in 2010 is almost double the mortgage I paid back then . Most of my friends in h1b were afraid to buy homes while on visa and they regret it badly now.
Dear Prof, buying a home during F1 is also risky isn't it ?
Why you use two screen on your desk. Does it help in research writing nd how?
yes, can't do without it now. Especially when working on papers. Let's say I get feedback on my paper and I am revising it. On one screen I have the next version of the paper that I am working on and on the other screen I see the paper in which I got the feedback and corrections
@@DesiAmericanProfessor Good to know prof, I will also try this mode of writing. However the same pain point was always there with me.., while working on papers, but could not figure out the ways to ease the review response process.
I just saw your talk on "Cobra Effect" and than realized, Why my Insta_msg and email could not got response, nyway had asked the same question there. Wish you all the best for ABDC - A* and ABS 4 always.
Very inspiring and sad reality
Sir, as you mentioned that it was your fault in the accident, didn't the other driver asked you for compensation?
I had liability insurance that covered for him
I avaioded first 2 blunders.. 3rd one home ownership is not good with visa... If your willing to play... that's OK.. Not recommend....
I played the 3rd one and won Big 😉 own 3 homes now and all them appreciated 2 or 3 times. With apr of 2.5% it’s basically free money and the greatest wealth builder in US. Do not be afraid and miss out on that .
Why didnt you get a car on lease ? As leasing cars is a big thing in USA/Canada
not lease, I bought the car with a loan
@@DesiAmericanProfessor i meant why didnt you get the car on lease instead of buying it.
Holy cr** the same day i came to the USA for the first time
Good
None of these are blunders, except maybe the driving mistake. You never had the financial resources to make the alternate choices. All the money you paid more is in interest because you did not have money to buy the things you needed. If you didn’t have money to buy a $30,000 car where would you gotten money to buy a $90,000 house? And if you took a mortgage, would you have counted those interest payments as “blunders” too. None of these are blunders, maybe unwise at most. Blunders are when people buy half a million dollar house just to keep up with the others.
1. I already had an old car. I could have waited a few months to buy a new car. Instead, I took a loan when I had no money to make down payment. That is why it was a mistake.
2. I could have bought the 90k home even after one year of renting. I would have paid much less for mortgage than what I was paying for rent. That is why it was a mistake too
Desi American Professor, well “mistakes” yeah I will agree in hindsight. But by calling them blunders you are just being harsh on yourself.
yes, you are right. I did so because I had already made a video on financial mistakes. That was about mistakes that people make. In this video, I wanted to mention the mistakes that I had personally made. Using the same word "mistake" could have been confusing. So I used a different word to differentiate the two videos.
non immigrants should not buy a home on mortgage until they become immigrants thats a good advice.
Hi Sir !! Thank you for making these videos to helps us better understand the reality of life in US/MS and PhD.
I had a query, hope you would respond. :)
would the stipend provided by the US university be sufficient for a couple to survive if one of them is aspiring to do a Ph.D. in Management.
Yes, definitely
@@DesiAmericanProfessor Thanks much sir for ur response, if possible please make a video on how a Ph.D. stipend works and how much do they give, share some info related to insurance, accommodation, etc.
I have done it already. Please check my playlist on studying in USA where I did a three video series on PhD programs
Sir aap muje bahut ache lagte hai
Your accident cause is very common in the US for a new driver. This left turn yield is highly dangerous, even wonder why they have it 🤔 just for sake of saving time you are putting people life in danger. More than that we have to be very careful since there are pedestrians crossing similar to this.. oh man why they have such crossings, when there is a green for vehicles same time pedestrians walk. 😱
Very true 😇 my first accident was also the same . If you are a new drivers , you just don’t anticipate the incoming traffic while taking turn on yield .
Sir, how car costed you 50k? Was it due to service/maintenance ?
loan + interest payments
Compound interest
Best country to live in the world.
No
Best country to make it big .
Sir ek video Corona virus pe
The $30,000 you count as spent on the car is not entirely a loss. As if you had gotten an used car you would still have to take a loan for $20K. So maybe you would have saved $5000 in interest payments other than the difference in price. So in total, $15k. But you also have to consider the opportunity cost of the money if you bought the car cash down. But that question doesn’t arise as you didn’t have the $20k to buy the car without a loan.
yes, correct. Thank you
sir why you not moved to Toyota brand for cheap maintaince and parts cost?
Sir bohot suffer kiya hai usa me😅😅😅
Even, if you are into cars, don't buy if your income doesn't justify it. Car shouldn't exceed 25% pf.yoir net worth.. period..
I'm into cars, my God tesla looks yummy... but my current situation doesn't justify a tesla or BMW. I can get it, but i .should not . Fact.. emotions don't matter..
It was your fault. So own it up. You must be fortunate that you didn't end up with much more liability. Old Jalopies don't really need more than liability insurance. As long as they are not small, they are fine.
More over unlike India less money or poverty doesn't necessarily mean low quality of life in USA.
The moral of the story Real Engineers buy Honda, civic, and Nissan, software engineers buy BMWs.
Isko bolte hai.. Gareebi main aata geela